Why a Hot Real Estate Market Is Leading Homebuyers to New Construction
September 9, 2020
A red hot real estate market can be a good thing — if you’re selling a home.
But if you’re buying a home in Richmond or the surrounding counties, it can be a frustrating and costly experience — very costly. According to a recent Richmond Times-Dispatch report, the average sales price of a home in Central Virginia is now $310,914 — an increase of about $14,000 from last year.
“It’s almost like a desert. There are no listings. When a home is priced right and in good condition, it gets gobbled up. Plus the interest rates are historically low, driving up demand.”
–Local Real Estate Agent
Homebuyers in Richmond, Chesterfield, Henrico, Hanover, and Goochland — including those who have never built a home — are now considering new construction homes more than ever before. That’s because with new construction, there are no bidding wars. You don’t need to compromise on location or other features due to low inventory. And you won’t face the misfortune of falling in love with a home that’s off the market before it’s even on the market.
“StyleCraft hasn’t stopped building the past six months,” said Kathryn Catherwood, StyleCraft’s Director of Sales & Marketing. “And that’s a good thing because we’re getting a steady influx of homebuyers who are walking away from the resale market, in part because of the added stress they experience with bidding wars and back-and-forth negotiations. Once they make the leap over, they’re discovering the certainty that comes with a new construction home, one of the many benefits of building in a StyleCraft community.”
Some benefits of choosing a new construction home include having the ability to select your home design elements to fit a certain style and budget, not worrying about surprise repairs, and gaining access to community amenities including pools and walking trails — all while enjoying peace of mind in a brand new, clean home. Plus, new construction homebuyers can take advantage of historically low interest rates.
Want to learn more about how the demand for houses is driving people to purchase a new construction home? Read this Wall Street Journal article! And if you’re ready to get started on searching for your new home — check out all of StyleCraft’s available communities & Quick Move-In Homes!